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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1751.08 with take profit at 1754.17.
Bearish Preference:
Sell position is envisaged if price trades below 1741.98 with take profit at 1736.39.
Fundamentals:
1:30 Pm USD Core PPI m/m
USD PPI m/m
3:00 pm USD Final Wholesale Inventories m/m
Comment: Gold was down on Friday morning in Asia but was hovering close to a more-than-one-month peak reached during the previous session. An unpleasant surprise jump in the number of U.S. jobless claims also pushed gold towards a weekly gain of over 1%.
Currently, Gold is trading below the 22 EMA on the H1 timeframe heading towards the next weak resistance within the region of 1749.52, However it’s uncertain if this precious metal will break the verified resistance at 1760.00 region on the D1 timeframe.
Analysis: SCRUM Team
